Foreign Video about Bitcoin Bitcoin also here Still moving sideways it's a little bit Like the ethereum chart Um here as well what I'm going to do on The Bitcoin chart I'm going to add a Resistance Zone onto the chart because There is a very very clear resistance Area on this chart that Bitcoin is Adhering to Um and it starts at around I would say One second Start sort of in that region around Sixteen thousand nine twenty all the way Up to seventeen thousand fifty Here this is an important resistance Error we need to get through support Area is down here remains down here Um as long as we stay sort of above Well in the let's say generally above Fifteen thousand six forty the 9th of November low but really short term Should stay above 15 800 here pretty Much that low from the 14th of November Then we can focus generally on higher Because you could say similar to Ethereum That this is here a one two setup and Next we should be moving up in a third Wave highlighted here in in red sort of Into the region around 20K Problem that we have Is that we've broken this channel to the Downside now now that doesn't really
Mean too much but it's also not a very Um let's say bullish sign and very Important is that um yeah it's just not Following through if this was really a Third wave it should really follow Through and therefore we'll explore the Possibilities that we're also looking at On the ethereum chart and that is Um first of all this could just be a one Two setup again and then the other one Two of three that would be sort of the Bullish Viewpoint Um But what this also could be and that is Because it's just not following through Too much here we could have That what I've labeled as Wave 2 could Just be an a wave Then this here is a b wave probably some Sort of an expanded flat because it was Slightly higher this higher than the Previous one and now we're coming down In a c wave and that would mean we come Down most likely once more into the Support area maybe even a bit lower So that support area is located between 16 070 And sixteen thousand four fifty so again Maybe even lower because a c wave would Most likely go below the low of the wave A which was at sixteen thousand one Fifty Um the other interpretation is and I've Also explored that on the bit on the
Ethereum chart that yeah this was an a Wave And the wave B isn't going but the wave B wasn't in yet so that this is just Some kind of an Elliot wave triangle That's playing out so that is of course Possible as well A B c d e and then the E wave would Complete the B wave and would break out To the downside so it doesn't really Make a great difference if I look at This B wave in terms of a triangle or Say the wave B is already in Um but the point is as long as we don't Really break above the 17 100 dollar level which is this High here From the 14th of November until then I Can't really talk about a breakout and Have to assume we come down once more Lower in a c wave of Two And if we lose That low at sixteen thousand one fifty Then it's probably not a one two setup Or it can't be because invalidated and We need to look at all of this then Um we yeah we go to the next higher Level wave count really Um but again as long as we stay above This low of 15 800 pretty much here from The 14th of November We can generally and carefully focus on Higher Um again that doesn't mean that I'm Necessarily bullish not really it is an
Extremely uncertain wave count here but All I'm flagging up here is a possible Long trade yeah this was a trade set up Here with that support area the trend Reversal area and this so far has worked Out even though um you know it hasn't Really followed through yet Um this was one as well by the way so we Just you're purely using the chart to Identify trade setups of course this Could still come down low and in fact You know I wouldn't be surprised at all If we make a new low um but of course I Can't tell you that we will definitely Do that Um it's always when you know the primary Scenario was fulfilled when we came Lower and now the chart has another Chance to build So it was the same situation back in June end of June no well beginning of June middle of June when we came down And made that new low around 17.6 K Bitcoin had another chance to build so This was the first time in Probably well since we started at Bear Market decline that I told you in June That the low could be in but we Obviously need to see which kind of Structure evolves same situation here The low could now be in because we've Made a new low yeah but Things are obviously not following Through as they should so it is
Generally questionable and I wouldn't be Surprised at all if we do another low And of course you have a warning sign if We lose this yellow support area then This is probably coming down in wave Five and again there's also various ways Of how this can be counted really but my View is this would be in a way five or Five In green here And then you could say maybe this is a Wave um With one of five we're currently putting Back in wave two or five Yeah or even the Wave 4 isn't even in Right I talked about that I think on the On the Ada chart that um really Or we've got here and that is the Bearish count That this year was an a wave This here is a b wave and we're now next Moving up in C wave but even that could Be traded right even that can be traded Long and that's why it doesn't really so Much matter what is the higher level Wave count at the moment but there is Certainly a long trade opportunity sort Of um into Wave 3 targets around 19 to 20K right Um If it follows through and holds support Irrespective of if we are in the let's Say bullish context chart or still gonna See another low we just definitely need
To be prepared for another low I'm not Going to lie to you this is still very Much likely Um but it depends a little bit on how The structure now evolves unfortunately We don't really get a lot of sickness Here it's just hovering sideways that's First of all not as a really bullish Sign so the longer this takes the more I'm going to lean towards another dip Okay that's my update about Bitcoin hope You like the update if you did please Hit the like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye Thank you